Macy’s workers in the New York area have new schedules, wages and benefits worth cheering about, according to union officials.

The department store giant agreed to a new, five-year contract this week for 4,000 area employees that, among other things, guarantees full-time staffers will get at least 37 hours on their weekly work schedules.

Macy’s also agreed to raise hourly wages by $3.05 over the next five years for workers at its flagship on Herald Square, as well as three other stores in The Bronx, Queens and Westchester.

Workers’ co-payments for healthcare coverage will be lowered by about 4 percent, sources said.

“People were cheering at the ratification as they heard each provision of the contract,” Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union, told The Post. “It was like opening Christmas gifts.”

Weekly hours had been a key bone of contention at hard-knuckle bargaining sessions that culminated in an all-night session that ended early Thursday morning, sources said. Workers are expected to ratify the new contract by the middle of next week.

Macy’s spokeswoman Elina Kazan said the agreement “addresses the economic and business realities of the retailing industry, while keeping jobs at Macy’s among the best in the department store industry.”

Sources said the recent strength of Macy’s business emboldened union officials in negotiations. Last spring, the RWDSU launched a 17-week strike in Williamson, NY, against the company that makes Mott’s Apple Sauce, thwarting wage cuts proposed by the manufacturer.

Winners under the new Macy’s contract also include 600 employees at cosmetics and fragrance counters, who will now be reimbursed for estimated commissions lost during vacations, holidays and sick days.

“It’s a huge boost for those employees,” said Ron Chencinski, vice president of RWDSU Local 1-S. “Honestly, we’ve been asking for this improvement for decades.” james.covert@nypost.com